XML 26 R11.htm IDEA: XBRL DOCUMENT v3.22.0.1
Investment Securities
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Investment Securities INVESTMENT SECURITIES
Securities Available-for-Sale
The following table presents amortized cost, gross unrealized gains and losses, and fair values of securities available-for-sale as of the dates indicated:
December 31,
 20212020
GrossGrossGrossGross
AmortizedUnrealizedUnrealizedFairAmortizedUnrealizedUnrealizedFair
Security TypeCostGainsLossesValueCostGainsLossesValue
 (In thousands)
Agency residential MBS$2,921,993 $8,866 $(32,649)$2,898,210 $329,488 $12,483 $(897)$341,074 
Municipal securities2,248,749 75,192 (7,973)2,315,968 1,438,004 93,631 (18)1,531,617 
Agency commercial MBS1,660,516 37,664 (9,213)1,688,967 1,207,676 74,238 (37)1,281,877 
Agency residential CMOs1,021,716 22,288 (5,870)1,038,134 1,172,166 47,994 (280)1,219,880 
U.S. Treasury securities973,555 1,641 (8,298)966,898 4,989 313 — 5,302 
Corporate debt securities514,077 13,774 (757)527,094 308,803 3,490 (404)311,889 
Private label commercial MBS453,314 147 (3,244)450,217 81,878 1,089 (10)82,957 
Collateralized loan obligations385,410 396 (444)385,362 136,777 23 (924)135,876 
Private label residential CMOs265,851 1,857 (3,291)264,417 110,891 6,076 (21)116,946 
Asset-backed securities129,387 484 (324)129,547 166,861 445 (760)166,546 
SBA securities28,950 726 (32)29,644 39,437 2,217 (27)41,627 
Total$10,603,518 $163,035 $(72,095)$10,694,458 $4,996,970 $241,999 $(3,378)$5,235,591 
See Note 15. Fair Value Measurements for information on fair value measurements and methodology.
As of December 31, 2021, securities available‑for‑sale with a fair value of $532.4 million were pledged as collateral for borrowings, public deposits and other purposes as required by various statutes and agreements.
Realized Gains and Losses on Securities Available-for-Sale
The following table presents the amortized cost of securities sold with related gross realized gains, gross realized losses, and net realized gains for the years indicated:
Year Ended December 31,
Sales of Securities Available-for-Sale202120202019
(In thousands)
Amortized cost of securities sold $365,733 $160,254 $1,559,415 
Gross realized gains$1,680 $13,222 $29,584 
Gross realized losses(65)(51)(4,139)
Net realized gains $1,615 $13,171 $25,445 
Unrealized Losses on Securities Available-for-Sale
The following tables present the gross unrealized losses and fair values of securities available-for-sale that were in unrealized loss positions as of the dates indicated:
December 31, 2021
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Agency residential MBS$2,502,536 $(31,670)$57,329 $(979)$2,559,865 $(32,649)
Municipal securities505,080 (6,965)29,726 (1,008)534,806 (7,973)
Agency commercial MBS440,938 (5,066)106,745 (4,147)547,683 (9,213)
Agency residential CMOs216,445 (3,757)67,340 (2,113)283,785 (5,870)
U.S. Treasury securities628,767 (8,298)— — 628,767 (8,298)
Corporate debt securities32,761 (757)— — 32,761 (757)
Private label commercial MBS397,619 (3,244)— — 397,619 (3,244)
Collateralized loan obligations137,619 (374)43,730 (70)181,349 (444)
Private label residential CMOs201,988 (3,291)— — 201,988 (3,291)
Asset-backed securities38,742 (137)15,762 (187)54,504 (324)
SBA securities— — 1,864 (31)1,864 (32)
Total$5,102,495 $(63,559)$322,496 $(8,535)$5,424,991 $(72,095)

December 31, 2020
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Agency residential MBS$90,722 $(897)$— $— $90,722 $(897)
Municipal securities5,919 (18)— — 5,919 (18)
Agency commercial MBS58,408 (37)— — 58,408 (37)
Agency residential CMOs97,863 (280)— — 97,863 (280)
Corporate debt securities87,596 (404)— — 87,596 (404)
Private label commercial MBS3,058 (10)— — 3,058 (10)
Collateralized loan obligations96,442 (729)28,972 (195)125,414 (924)
Private label residential CMOs788 (19)74 (2)862 (21)
Asset-backed securities14,636 (53)61,031 (707)75,667 (760)
SBA securities2,127 (27)— — 2,127 (27)
Total$457,559 $(2,474)$90,077 $(904)$547,636 $(3,378)
The securities that were in an unrealized loss position at December 31, 2021, were considered impaired and required further review to determine if the unrealized losses were credit-related. We concluded their unrealized losses were a result of the level of market interest rates relative to the types of securities and pricing changes caused by shifting supply and demand dynamics and not a result of downgraded credit ratings or other indicators of deterioration of the underlying issuers' ability to repay. We also considered the seniority of the tranches and U.S. government agency guarantees, if any, to assess whether an unrealized loss was credit-related. Accordingly, we determined the unrealized losses were not credit-related and recognized the unrealized losses in "other comprehensive income" in stockholders' equity. Although we periodically sell securities for portfolio management purposes, we do not foresee having to sell any impaired securities strictly for liquidity needs and believe that it is more likely than not we would not be required to sell any impaired securities before recovery of their amortized cost.
Contractual Maturities of Securities Available-for-Sale
The following table presents the contractual maturities of our available-for-sale securities portfolio based on amortized cost and carrying value as of the date indicated.
December 31, 2021
AmortizedFair
MaturityCostValue
 (In thousands)
Due in one year or less$54,301 $54,685 
Due after one year through five years635,456 662,377 
Due after five years through ten years3,526,824 3,544,687 
Due after ten years6,386,937 6,432,709 
Total securities available-for-sale$10,603,518 $10,694,458 
MBS and CMOs have contractual maturity dates, but require periodic payments based upon scheduled amortization terms. Actual principal collections on these securities usually occur more rapidly than the scheduled amortization terms because of prepayments made by obligors of the underlying loan collateral.
FHLB Stock
In connection with outstanding FHLB advances, the Bank owned FHLB stock carried at cost of $17.3 million at December 31, 2021 and 2020. At December 31, 2021 and 2020, the Bank was required to own FHLB stock equal to a percentage of outstanding FHLB advances. We evaluated the carrying value of our FHLB stock investment at December 31, 2021 and determined that it was not impaired. Our evaluation considered the long-term nature of the investment, the current financial and liquidity position of the FHLB, repurchase activity of excess stock by the FHLB at its carrying value, the return on the investment from recurring dividends, and our intent and ability to hold this investment for a period of time sufficient to recover our recorded investment.
Interest Income on Investment Securities
The following table presents the composition of our interest income on investment securities for the years indicated:
Year Ended December 31,
202120202019
(In thousands)
Taxable interest$118,561 $80,426 $85,968 
Non-taxable interest33,916 24,771 27,955 
Dividend income991 1,573 1,646 
Total interest income on investment securities$153,468 $106,770 $115,569